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De Minimis Fringe Benefit
De minimis fringe benefits are low-value perks provided by an employer; ''de minimis'' is legal Latin for "minimal". Perks that are determined to be de minimis fringe benefits may not be accounted or taxed in some jurisdictions as having too small value and too complicated an accounting. United States Definition Under US Internal Revenue Service Code § 132(a)(4), “de minimis fringe” benefits provided by the employer can be excluded from the employee’s gross income. “De minimis fringe” means any property or service the value of which is (after taking into account the frequency with which smaller fringes are provided by the employer to the employer’s employees) so small as to make accounting for it unreasonable or administratively impracticable. As a practical matter, 132(a)(4) is a narrowly defined rule of administrative convenience. Qualification as a de minimis fringe benefit For property or services to qualify as "de minimis fringe" benefits, it must be unusua ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employee Benefit
Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuities, bonus payments or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, disability insurance. Employment is typically governed by employment laws, organisation or legal contracts. Employees and employers An employee contributes labour and expertise to an endeavo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
De Minimis
''De minimis'' is a Latin expression meaning "pertaining to minimal things", normally in the terms ''de minimis non curat praetor'' ("The praetor does not concern himself with trifles") or ''de minimis non curat lex'' ("The law does not concern itself with trifles"), a legal doctrine by which a court refuses to consider trifling matters. Queen Christina of Sweden (r. 1633–1654) favoured the similar Latin adage, ''aquila non capit muscās'' (the eagle does not catch flies). The legal history of ''de minimis'' dates back to the 15th century. The general term has come to have a variety of specialised meanings in various contexts as shown below, which indicate that beneath a certain low level a quantity is regarded as trivial, and treated commensurately. Examples of application of the ''de minimis'' rule Taxation Under U.S. tax rules, the ''de minimis'' rule governs the treatment of small amounts of market discount. Under the rule, if a bond is purchased with a small a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Latin
A number of Latin terms are used in law, legal terminology and legal maxims. This is a partial list of these terms, which are wholly or substantially drawn from Latin. __TOC__ Common law Civil law Ecclesiastical law See also * Brocard (law) * Byzantine law * Code of Hammurabi * Corpus Juris Canonici * International Roman Law Moot Court * Law French * List of Latin abbreviations * List of Latin phrases (full) * List of fallacies * List of Philippine legal terms * List of Roman laws * Twelve Tables Notes References * Gabriel Adeleye & Kofi Acquah-Dadzie. ''World Dictionary of Foreign Expressions: A Resource for Readers and Writers''. Ed. by Thomas J. Sienkewicz & James T. McDonough, Jr. Wauconda, Ill.: Bolchazy-Carducci Publishers, 1999. * Ruben E. Agpalo. ''Agpalo’s Legal Words and Phrases''. Manila, Philippines: Rex Book Store, 1997. * Harold Rudolf Walraven Gokkel & Nicolaas van der Wal. ''Juridisch Latijn'', 6th edn. Deventer: Kluwer, 2001. * V.G. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure provided over a fifth of the Union's war expenses before being allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.S. Constitutio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
De Minimis
''De minimis'' is a Latin expression meaning "pertaining to minimal things", normally in the terms ''de minimis non curat praetor'' ("The praetor does not concern himself with trifles") or ''de minimis non curat lex'' ("The law does not concern itself with trifles"), a legal doctrine by which a court refuses to consider trifling matters. Queen Christina of Sweden (r. 1633–1654) favoured the similar Latin adage, ''aquila non capit muscās'' (the eagle does not catch flies). The legal history of ''de minimis'' dates back to the 15th century. The general term has come to have a variety of specialised meanings in various contexts as shown below, which indicate that beneath a certain low level a quantity is regarded as trivial, and treated commensurately. Examples of application of the ''de minimis'' rule Taxation Under U.S. tax rules, the ''de minimis'' rule governs the treatment of small amounts of market discount. Under the rule, if a bond is purchased with a small a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Law
Tax law or revenue law is an area of legal study in which public or sanctioned authorities, such as federal, state and municipal governments (as in the case of the US) use a body of rules and procedures (laws) to assess and collect taxes in a legal context. The rates and merits of the various taxes, imposed by the authorities, are attained via the political process inherent in these bodies of power, and not directly attributable to the actual domain of tax law itself. Tax law is part of public law. It covers the application of existing tax laws on individuals, entities and corporations, in areas where tax revenue is derived or levied, e.g. income tax, estate tax, business tax, employment/payroll tax, property tax, gift tax and exports/imports tax. There have been some arguments that consumer law is a better way to engage in large-scale redistribution than tax law because it does not necessitate legislation and can be more efficient, given the complexities of tax law. Major iss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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